Poll: One-Third of Americans to Spend Less for Holidays

High inflation is forcing many Americans to keep a tight lid on their wallets this holiday season.

More than a third of Americans said they would spend less on holiday expenses this year than in previous years, according to an Economist/YouGov poll released Wednesday.

The poll of 1,500 people from Dec. 17-20 showed that 38% will spend less on holiday expenses this year than in previous years. About 42% will keep their holiday spending the same, and 14% will be spending more.

"Americans who are celebrating a winter holiday on a family income under $50,000 annually are more likely than people with a family income of $50,000 or more to say that they will spend less this year than in previous years," according to the poll.

In fact, 93% of Americans polled said they have felt the impact of high inflation, which stands at 7.1%, and just 18% expect a lower rate of inflation in the next six months. The margin of error for the overall sample is approximately 3%.

According to the annual Deloitte holiday retail survey, the average spending per consumer is expected to equal 2021 levels at $1,455, but consumers are not spending it the same way. The survey showed that to dodge higher-priced goods, shoppers are purchasing more gift cards. The survey showed this has led to a shorter shopping window than in previous years.

• Retail Sales Fall More Than Expected
• Americans Say Holiday Gifts Harder to Afford